Wedbush downgraded ANSYS (NASDAQ: ANSS) from Outperform to Neutral with a price target of $86.00 (from $91.00), saying growth prospects look diminished.

Analyst Steve Koenig commented, "We’ve become more cautious about ANSS’s growth prospects over the next 12 months; the latest data points are the 1Q16 results and guide, which were disappointing. The company has lowered its full-year guidance, but implied 2H acceleration appears to leave at least as much downside risk on the table as upside potential. We don’t think management is off base in expecting improved sales productivity from its territory-based sales people later this year – and potential Apache deal closings — but we think the current macro environment is more conducive to execution disappointments than improvements. We think ANSS is likely to struggle to show constant-currency revenue growth this year much above the 5% level, and as a result shares are most likely range-bound."

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Shares of ANSYS closed at $83.76 yesterday.